Dow Up Triple Digits As Second Quarter Kicks Off

The Dow Jones Industrial Average (DJI) is up 146 points midday to kick off the second quarter, while the S&P 500 Index (SPX) inches lower, and the Nasdaq Composite (IXIC) sits firmly in the red. Wall Street's focus is still on surging oil prices today, after the OPEC+ output cut. Meanwhile, the U.S. ISM Manufacturing Index came in at 46.3 in March, which is down from February's 47.7 and below analyst estimates of 47.3. 

MMC April3

Options traders are blasting Schlumberger NV (NYSE: SLB), as the stock rises alongside oil prices. So far, 26,000 calls and 21,000 puts have been exchanged, which is six times the average intraday volume. The May 55 call is the most active contract, followed by the May 47.50 put. SLB is up 8% at $53.02, and breaking back above its 120-day moving average, as well as former support at the $52 level. 

SLB April3

Heska Corp (Nasdaq: HSKA) is trading at one-year highs, up 20.7% at $117.87 at last glance, after news that Mars Inc is buying out the company for $1.3 billion, or $120 per share. The deal is expected to close in the second half of this year. Year-to-date, HSKA is up 89.6%.  

The shares of biotech name Ascendis Pharma A/S (Nasdaq: ASND) are down 30.6% at $74.37 at last check, after the U.S. Food and Drug Administration (FDA) identified deficiencies in the company's hypoparathyroidism therapy application. Evercore ISI cut its price target to $140 from $160 after the news. Since the start of the year, ASND has shed 39.7%. 


More By This Author:

Stocks Finish Q1 Strong With Wins Across The Board
Quarterly Gain Still Eludes Dow Despite Triple-Digit Lead
Stocks Settle Higher As Optimism Returns To Wall Street

How did you like this article? Let us know so we can better customize your reading experience.

Comments